Chicago vs Minneapolis

Category-by-Category Breakdown

Index values shown. National average = 100. Lower is cheaper.

💰 Salary Equivalence

To maintain the same standard of living:

See exact take-home pay: Illinois salaries · Minnesota salaries

Living in Chicago vs Minneapolis

Housing is typically the biggest factor in any cost-of-living comparison. Chicago has a housing index of 112 while Minneapolis sits at 112 (national average = 100). The median home in Chicago costs $310,000 compared to $310,000 in Minneapolis, a difference of $0. Monthly rent follows a similar pattern: $1,700 in Chicago versus $1,500 in Minneapolis.

Groceries and everyday expenses show a narrower gap: Chicago scores 104 while Minneapolis scores 104. Both cities are close to the national average for grocery costs.

Healthcare costs in Chicago (101) are lower than Minneapolis (105). Both are close to the national average.

Median household income in Chicago is $62,097 compared to $64,285 in Minneapolis. When adjusted for cost of living, purchasing power is similar in both cities.

Relocating: Chicago vs Minneapolis

If you are considering a move between Chicago (index: 107) and Minneapolis (index: 106), the 1% cost difference has real implications for your budget. Minneapolis is the more affordable option, but the right choice depends on your income, career opportunities, and lifestyle priorities.

Housing budget reality: Using the 28% rule (spending no more than 28% of gross income on housing), the median household in Chicago can afford $1,449/month, while the median household in Minneapolis can afford $1,500/month. With median homes at $310,000 in Chicago versus $310,000 in Minneapolis, both cities offer reasonable homeownership opportunities at median income.

Renting vs buying: At $1,700/month in Chicago and $1,500/month in Minneapolis, renters face similar costs in both cities. The rent-to-own ratio in each city determines whether renting or buying offers better value for your situation.

Income adjustment: A $75,000 salary goes about equally far in both cities. Before accepting a job in either city, use the salary equivalence data above to understand what you would need to earn to maintain your current standard of living.

Reading These Numbers: Chicago (107) vs Minneapolis (106)

The cost of living index uses 100 as the national average. Chicago at 107 is 7% above the US average, while Minneapolis at 106 is 6% above average. Both cities are close to the national average in overall costs.

Chicago and Minneapolis land within 1 points of each other on the composite index (107 vs 106), so the overall cost picture is similar. Transportation shows the widest single-category margin at 116 versus 108, making it the area where residents will feel the most day-to-day price difference between Chicago and Minneapolis. Housing costs are comparable between the two metros, with Chicago at 112 and Minneapolis at 112 on the housing sub-index and median home prices of $310,000 and $310,000 respectively. Neither city is cheaper across the board: Chicago has an edge in healthcare, while Minneapolis is more affordable for utilities and transportation. Your actual savings depend on which categories consume the biggest share of your personal budget.

For renters: With median rents of $1,700/month in Chicago and $1,500/month in Minneapolis, the annual rent difference is approximately $2,400. Over a 5-year period, that compounds to $12,000 in savings by choosing the more affordable city.

For homebuyers: The $0 difference in median home prices between Chicago and Minneapolis translates to roughly $0 per month in mortgage payments at current rates. Factor this into your budget alongside property taxes and insurance, which also vary by location.

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